QIB opens new branch at Dar Al Salam Mall in Abu Hamour

Qatar Islamic Bank ( QIB ), Qatar’s leading Islamic Bank, has opened a new state-of-the-art branch at Dar Al Salam Mall in Abu Hamour area as part of its expansion strategy to be at the center of thriving new communities in the country.

QIB opens new branch at Dar Al Salam Mall in Abu Hamour

QIB opens new branch at Dar Al Salam Mall in Abu Hamour

The newest branch in QIB ‘s rapidly growing network will welcome customers seven days a week from 9am to 9pm, barring Fridays, when it opens from 4pm to 9pm.

Bringing a diverse range of premium QIB products and services to the doorsteps of customers in the area, customers at QIB ‘s Dar Al Salam Mall branch will be able to open a variety of Bank accounts, apply for a suite of financing, debit and credit cards, discuss a host of Takaful services, and consult on other Islamic banking services with a dedicated team of staff.

To further enrich customers’ banking experience, QIB has also installed a cash deposit machine, allowing customers to make deposits at all times through direct access to accounts.

In keeping with QIB ‘s vision to offer immersive banking experience, the new branch is designed with customer convenience as the singular standout feature. The open-plan layout provides more welcoming space while the use of colors adds to the modern business environment. Most importantly, the branch features latest technology, which, along with the new looks and experience, reflects QIB ‘s identity as a progressive Islamic Bank.

With the addition of Dar Al Salam Mall branch, QIB branch network has increased to 32 Qatar-based locations and more than 175 ATMs across the country. This expansion in physical locations complements on-going investments in electronic channels such as an innovative internet banking system, QIB mobile banking applications, and a 24/7 customer service call center.

” QIB takes pride in supporting customers to succeed financially. Nothing is more exciting than to bring our range of banking services closer to customers to meet their financial expectations. The QIB Dar Al Salam Mall branch has been designed with simplicity and convenience in mind and represents the latest state-of-the-art in banking, allowing our customers to enjoy a seamless banking experience,” said D. Anand.

According to Anand, the Bank has made impressive strides in upgrading its electronic banking channels, adding a host of new features to its internet banking site, introducing a new QIB mobile application that is available for use with all smart phones and operating systems; including iOS, BlackBerry, Android and windows, and increasing the number of ATMs across the country to 175.

The Bank’s commitment to be an institution of excellence has received global recognition with QIB winning a number of awards in 2013. Euromoney, The Banker, Islamic Finance News and World Finance have all recognized QIB as the Best Islamic Bank in Qatar. In addition, QIB was awarded the “Excellence in Banking” from the International Alternative Investment Review, and the Bank was awarded the “Best Sukuk Deal” by the World Finance Magazine.

Qatar Islamic Bank ( QIB ) – Established in 1982, the first Islamic financial institution in Qatar. Since then, QIB has emerged as a force in the local and international markets. Today, the Bank plays a leading role in developing competitive and innovative Shari’a-compliant financial products and services worldwide. Overseen by a Shari’a board, QIB has amassed a paid-up capital of QR2.36 billion and holds 37% of the Islamic banking market in Qatar, and an overall market share of 11% in the banking sector as a whole. This makes QIB the biggest Shari’a-compliant bank in Qatar and one of the top five globally.

Media Contacts
Anwar Al Malki, PR Account Manager,
Snow Communications
Al- Diwan st, Fereej Abdulaziz , 5th Floor, Office 502, P.O. Box 377,
Doha, Qatar
M: (+974) 66536494
[email protected]

Lauren Bolton, Senior Account Executive,
Snow Communications
Al- Diwan st, Fereej Abdulaziz , 5th Floor, Office 502, P.O. Box 377,
Doha, Qatar
M: (+974) 55426405
[email protected]

© Press Release 2013

http://www.zawya.com/story/QIB_opens_new_branch_at_Dar_Al_Salam_Mall_in_Abu_Hamour-ZAWYA20131130094409/

Qatar hosts workshop series on Public Policy in Islam

Doha: A series of workshops examining Public Policy in Islam called, “Thinking like a Policy Analyst,” has been launched by Qatar Faculty of Islamic Studies (QFIS) in conjunction with Hamad Bin Khalifa University (HBKU).

Qatar hosts workshop series on Public Policy in Islam

Qatar hosts workshop series on Public Policy in Islam

The workshops, which begun in November and will run until January 14, 2014, are organised by the Public Policy in Islam Master Programme and are aimed at executive employees working for the public and private sectors in Qatar.
They take place every Tuesday evening at the faculty’s premises with a different module presented each week by experienced practitioners.

The training programme combines theory and practical knowledge on Public Policy and Islam through case studies. Areas such as poverty alleviation, corruption, international development, Islamic governance and leadership in policy making are examined through the application of Islam and public policy.

The primary objective is to introduce social and economic challenges from an Islamic-based perspective. In the first session held on November 19, coordinator Dr. Evren Tok framed a key question, “How to think like a policy analyst?”

Dr. Tok said: “Thinking like a policy analyst requires more than technical knowledge. In fact, values play an important role in every stage of policy process. This method is based on putting the Islamic values as the basis of policy making and analysis, whether in defining the problems, setting priorities, or any other policy-making activity.”

“Islamic values are known as ‘Maqasid Al Shariah’, these are purposes and objectives of Islamic law. They put the well-being of the human at the centre of policy making and place basic rights, needs and necessities as a core issue.”
The nine week-long series will finish with a closing ceremony and a poster session by the participants.

The Master Programme of Arts in Public Policy in Islam is a multidisciplinary programme designed to respond to contemporary social and economic challenges from an Islamic-based perspective.

Public Policy in Islam Programme conducts this workshop in collaboration with the Executive Training and Consultation Unit at QFIS under the management of Professor Dr. Al Sayed Al Siefy, the Associate Professor of Finance and the Director of the Unit, and under the administration and operation of Ezzeddine A. Ben Abdennebi, Head of the Unit at QFIS.

It offers a large variety training programmes that are related to Islamic finance and banking, Islamic insurance, risk and asset management, as well as strategic leadership and public policy training courses.

http://gulfnews.com/news/gulf/qatar/qatar-hosts-workshop-series-on-public-policy-in-islam-1.1261521

Barwa Bank names new head of capital financing

DOHA: Barwa Bank , Qatar’s fastest growing Shariah-compliant banking service provider, has announced the appointment of Arsalaan Ahmed as its Head of Capital Financing.

Barwa Bank names new head of capital financing

Barwa Bank names new head of capital financing

Ahmed will be focused on managing the growth of the bank’s sukuk, syndicated finance, project finance and structured finance product offering. Ahmed is an ex-HSBC Group International Executive specialising in Islamic finance and has held multiple roles for the Group across Europe, Asia and the Middle East.

“We are very pleased to have Arsalaan join us at Barwa Bank to spearhead a strategically important part of our business. Being able to provide a range of Capital Financing solutions to customers locally and internationally is important to us,” said Khalid Al Ahbabi, General Manager, Wholesale Banking at Barwa Bank . 

http://www.zawya.com/story/Barwa_Bank_names_new_head_of_capital_financing-ZAWYA20131121043243/

Barwa Bank announces new Head of Capital Financing

Barwa Bank has announced the appointment of Arsalaan Ahmed as its Head of Capital Financing. He will be focused on managing the growth of the bank’s Sukuk, syndicated finance, project finance and structured finance product offering.

Barwa Bank announces new Head of Capital Financing

Barwa Bank announces new Head of Capital Financing

Ahmed is an ex-HSBC Group International Executive specialising in Islamic finance and has held multiple roles for the Group across Europe, Asia and the Middle East.

“We are very pleased to have Arsalaan join us at Barwa Bank to spearhead a strategically important part of our business. Being able to provide a range of Capital Financing solutions to customers locally and internationally is important to us. We also continue to exhibit Barwa Bank’s commitment to and leadership in Islamic finance, as well as raising the profile of the role Qatar plays in supporting the Islamic finance industry and the growth of sophistication of Qatari financial institutions,” said Khalid Al Ahbabi, General Manager Wholesale Banking, Barwa Bank.

http://www.cpifinancial.net/news/post/24306/barwa-bank-announces-new-head-of-capital-financing

International Fiscal Association experts discuss taxation of Islamic finance

Qatar Financial Centre Authority hosts seminar
Doha, Qatar, 18 November 2013 –

Taxation of Sharia’ah compliant financial products and transactions was the main topic examined by a distinguished group of experts meeting in Doha this week. Among the subjects discussed were the Qatar Financial Centre Authority ‘s ( QFC Authority ) taxation of Islamic transactions research project and how Islamic finance transactions are structured in practice.

International Fiscal Association experts discuss taxation of Islamic finance

International Fiscal Association experts discuss taxation of Islamic finance

The seminar, which took place at the W Hotel Doha, was held under the auspices of the GCC branch of the International Fiscal Association (IFA). It is the second successive year in which the QFC Authority has hosted a meeting of the branch in Doha.

The seminar started with a presentation by Mohammed Desin, a partner at Ernst & Young, who looked at the growth potential for Islamic finance in the region, and provided a clear explanation of why Sharia’ah compliant products were important.

Mr Desin said: “Islamic finance is effectively the sharing of risk and reward and not ignoring the economics of the transaction. We say: ‘We are partners with you’. The intention of the parties doing the transaction is critical.”
The keynote speaker, Mohammed Amin an Islamic finance consultant, discussed the research he conducted earlier in the year on the cross-border taxation of Islamic finance in the MENA region which was sponsored and supported by the QFC Authority .

The impetus behind the research, for which Malaysia and the UK were comparators, was to suggest tax policies for countries wishing to develop a supportive tax regime for Islamic finance.

Mr Amin observed: “There’s very little legislation for Islamic finance. Countries are at very different stages of development. For example, of the countries which responded to our study enquiries, only Turkey and the Qatar Financial Centre have specific rules for Sukuk.”

Another speaker, Moshin Iqbal from Latham and Watkins, described in detail some real transactions in the GCC region, and identified pitfalls for the unwary investor. He commented: “A comprehensive legal structure is essential in any jurisdiction to ensure that Sharia’ah finance is successful.”

Ian Anderson, CFO and Director of Tax, QFC Authority chaired the meeting, which was attended by tax experts across the GCC, lawyers, accountants, bankers and representatives from the Ministry of Finance.

Providing a world-class tax regime is central to the QFC Authority ‘s strategy as a prominent regional financial centre. The IFA is the leading non-governmental organisation dealing with tax and related policy matters. The community of tax professionals in Qatar and the region has grown considerably in recent years.

Mr. Anderson said: “Islamic finance is growing rapidly in many parts of the world, not least in the Gulf. Improving the understanding of taxation of Islamic finance is therefore increasingly important – and our seminar took significant steps in that direction. It has been a privilege to host an important IFA meeting in Doha for the second consecutive year. As a leading financial centre offering a very attractive environment for Islamic finance, the QFC Authority has a deep interest in the taxation of Islamic finance. We will continue to support research and encourage debate to help advance knowledge in this area.”

Photo credit: Mr Mohammed Desin, a partner at Ernst & Young, speaking at the QFC Authority hosted 2nd Annual GCC International Fiscal Association (IFA) Meeting in Doha.

-Ends-

About the International Fiscal Association.

The International Fiscal Association (IFA) was established in 1938 with its headquarters in the Netherlands. It is the only non-governmental and non-sectoral international organisation dealing with fiscal matters. IFA is a not for profit association, with 63 branches globally; the UAE branch has recently received approval to extend its membership coverage to the GCC region.

The aim of the GCC branch, comprising of both individual and corporate members, is to provide a forum for members of the tax community (in-house, private practice, and regulatory) to network, exchange ideas fuelling both debate and education. IFA does not engage in lobbying but does often make contributions to academic research that assists the global tax community as a whole.

The GCC branch is looking to increase its membership and participation from around the region.

About QFC.

The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations in particular those operating in the reinsurance, captive insurance and asset management sectors and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005. This is the third year in succession that the QFC has won the Global Investor “Best Financial Centre in Middle East” award.

QFC Authority.

The QFC Authority is the commercial, administrative and legislative body responsible for leading the expansion of Qatar’s financial services sector, providing a uniquely sustainable platform for regional growth in reinsurance, captive insurance and asset management.
www.qfc.com.qa

#QFCAuthority

For further information:
International Fiscal Association
Dominic Treays
Tel: +971 4 321 8740
Email: [email protected]

Qatar Financial Centre Authority
Yusuf Jehangir
Director of Marketing and Corporate Communications
Qatar Financial Centre Authority
Tel: +974 4496 7784
[email protected]

Citigate Dewe Rogerson
Michael Prest, President, Gulf Region
+974 3373 5083
[email protected]

© Press Release 2013

http://www.zawya.com/story/International_Fiscal_Association_experts_discuss_taxation_of_Islamic_finance-ZAWYA20131118075934/

Barwa Bank net income up 60% in third quarter 2013

Doha – 16 November, 2013: Barwa Bank , Qatar’s fastest growing Shari’ah compliant banking service provider has announced its financial results for the period ended September 30, 2013.

Net income was QAR 442 mn for the 9 months period ended September 30, 2013, up from QAR 279 mn in the same period of last year, a 60% improvement, year-on-year.

Total income increased by 26% to QAR1.1bn for the 9 months of 2013 compared with QAR 855 mn same period in 2012, with earnings per share rising to QAR 1.49 compared with 94 dirhams for the same period last year.

H.E. Sheikh Mohamad bin Hamad bin Jassim Al Thani, Chairman, Barwa Bank Group commented, “The good financial performance for the 9 months of the year is very encouraging and further builds on the earnings momentum we achieved last year. We look forward to further growth, our continuing contribution to the development of the Qatari economy and Shari’ah compliant financial services, as well as creating value for our customers and shareholders.”

Highlights of the nine month period have been major business wins associated with significant infrastructural projects as well as the highly selective expansion of the Barwa Bank branch network and extended working hours in some branches, offering additional convenience for the Bank’s growing retail customer base.

In the Islamic Capital Markets, Barwa Bank continued to expand its activities in this strategic growth sector. During 2013, Barwa Bank has acted as Joint Lead Manager for Albaraka Turk Bank’s US$200m Tier 2 Sukuk and as Co-Lead Manager for the Government of Dubai, Emirates Airlines and Dubai Islamic Bank sukuk issuances.
The growth in net income and earnings per share comes as a result of the prudent risk management and the well-defined business model at the heart of the bank’s growth strategy.

Steve Troop, CEO, Barwa Bank added, “By identifying and focusing on strategic growth sectors, crafting niche propositions for our customers and keeping a close eye on costs, we continue to achieve good financial results and value for our shareholders. We will continue to improve and enhance this business model to achieve better results in the months and years ahead”.

http://www.zawya.com/story/Barwa_Bank_net_income_up_60_in_third_quarter_2013-ZAWYA20131116085438/

Qatar Faculty of Islamic Studies and Center for Islamic Economics and Finance holds successful symposium about Islamic Sukuk

Dr Hatem El-Karanshawy, Dean of QFIS, speaking at the sukuk symposium organized by QFIS

Qatar Faculty of Islamic Studies and Center for Islamic Economics and Finance holds successful symposium about Islamic Sukuk

Qatar Faculty of Islamic Studies and Center for Islamic Economics and Finance holds successful symposium about Islamic Sukuk

The Center for Islamic Economics and Finance (CIEF), part of the Qatar Faculty of Islamic Studies (QFIS) of Hamad bin Khalifa University, recently organised a successful symposium on “Sukuk from Economic, Legal, Practical and Shariah Perspectives”.

Over 180 people attended the symposium, which was opened by Dr Hatem El-Karanshawy, the founding Dean of QFIS. Dr El-Karanshawy introduced the speakers and talked about the importance of the symposium and the different themes. Mrs Bahnaz Alquradaghi, Senior Researcher at CIEF, acted as moderator for the symposium, which discussed a number of topics.

Dr Ali Alquradaghi, Sharia expert in Islamic banking, explained the importance of sukuk and the difference between sukuk, stocks, and bonds. He also discussed their Islamic legal basis, different types, and contemporary applications. Dr Alquradaghi also spoke about the financial and economic demand for sukuk, guarantees in investment sukuk, and reasons for the success of sukuk.

Dr Tariqullah, Professor of Islamic Finance at QFIS, discussed structure risk in the design of sukuk. He stated that the resilience of every structure requires that the risks involved must be properly identified and managed. In structuring sukuk, the key stakeholders can actually add to the structural vulnerabilities of sukuk products.

Dr Tariqullah defined and identified sukuk structure risks and critically discussed the role of the stakeholders in alleviating such risk. He explained that one of the most important preconditions in designing sukuk is consensus and coordination between the key players, namely, the Finance Ministers, as represented by the Islamic Development Bank, the Governor of Central Banks as represented by the Islamic Financial Services Board, Islamic bankers, sukuk issuers and investors.

He believes that differing sharia opinions among sharia scholars on Sukuk is the most important structural risk factor that may cause hindrance to the growth of the Islamic financial market.

Mr Bernard Barbour, Head of Legal and Sharia Affairs at QInvest, discussed the main contractual aspects of issuing Sukuk in Qatar. First, he explained that there are two legal systems in Qatar, namely: civil law and common law (at the Qatar Financial Centre). Then he addressed the most important topics related to sukuk such as contract law and currency issues.

He observed the lack of legislation in Qatari law regarding these matters. Next, Mr Barbour addressed the issue of late payment and explained that the courts in Qatar may not allow the imposition of additional profits or benefits in case of delay in payment, even if the parties had agreed to it. He stated that penalties and liquidated damages are subject to civil law and clarified that the set-off of obligations does not affect the rights of third parties. Mr Barbour went on to explain the force majeure conditions in Qatari law.

He addressed the impact of foreign law in cases of insolvency and liquidation, administration, and other common principles related to the enforcement of creditors ‘rights.

Mr Hussain Abdulla, Senior Associate Investment Banking and Capital Markets at QInvest, spoke about the reasons why we need sukuk, including the increased liquidity of Islamic and conventional banks in the GCC whose balance sheets have grown tremendously in past years. He estimated demand for sukuk from the EU to be around 20-25 per cent of global demand.

The growth of Islamic funds and insurance sectors resulted in an increase in the number of investors and the lowering of the pricing of sukuk compared to bonds. Mr Abdulla also addressed the key considerations in the process of issuing sukuk such as identifying the assets, currency and tenor of the sukuk, in addition to the Special Purpose Vehicle (SPV).

He mentioned the practical steps used for identifying assets and issuing sukuk such as planning, preparation of documentation, launching, marketing, pricing, closing and issuance. Mr Abdullah focused on the experience of the State of Qatar in issuing sukuk and explained the properties of the different tranches with tenors of five and ten years. Finally, he highlighted the characteristics of the Qatar Islamic Bank Sukuk.

The speeches were followed by an interesting discussion on the role of Sukuk in the economy and a question and answer session. Questions posed were about the legality of sukuk, the importance of laws detailed in the sukuk issuance, and the impact of the classification of sukuk in practical aspects.

The discussion was rounded off by Dr Hatem El-Karanshawy, who thanked the speakers and the attendees, and presented souvenirs to the speakers. At the end of the symposium, he said, “The subject of the symposium is a timely one because sukuk have a significant role in the financial markets. We, in the last days, have seen the British Prime Minister talking about Islamic sukuk, and we know that London is one of the most important and established global financial centres.

At the same time, it is looking for an alternative to the conventional sources of financing. Not only does it want to be a competitor, but it aspires to be the world’s leading hub for Islamic sukuk. This in itself highlights the importance of our symposium on Islamic Sukuk.”

Dr El-Karanshawy added that, “It is no doubt that this financial instrument could represent an alternative to the funding needs of Muslim countries, for example, by providing access to financing in the areas of basic industries, infrastructure, and so on. They have been used in the past by countries such as Germany, Malaysia and the United Arab Emirates, and they are increasingly being discussed in European countries.”

Dr Hatem El-Karanshawy, the founding Dean of the Faculty of Islamic Studies said, “More focus on this tool may help develop new sukuk structures that are more consistent and meet the needs of governments. They can provide a means of savings and at the same time a means of alternative financing.”

http://www.albawaba.com/business/pr/qatar-faculty-islamic-studies-533114

Qatar Islamic banks seen growing to $100 bn by 2017

Driven by demand for infrastructure and investment financing, Qatar’s Islamic banks are expected to grow to $100bn by 2017, a report has shown.

Qatar Islamic banks seen growing to $100bn by 2017

Qatar Islamic banks seen growing to $100bn by 2017

“Saudi Arabia, the UAE and Qatar will all increase their global importance as centres of Islamic finance in the coming years, as the three markets experience rising international demand for financing,” said Euromoney citing a recent report by global credit rating agency Standard & Poor’s.

Qatar is the fastest-growing of the three markets and the balance sheet of the country’s Islamic banks is expected to grow to $100bn by 2017, it said.

Rising international demand for infrastructure and investment project financing is likely to stimulate growth in the three markets.
In particular, there is set to be strong demand from the government sector, which is increasingly working to ensure that at least a proportion of large project financing is structured in compliance with Shariah law.

The Euromoney Qatar 2013 Conference, which will be held under the patronage of HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani will provide a major platform for discussion of the direction of the Islamic financial sector, and the models for co-operation and competition that will help sustain it.

Co-hosted by the Qatar Central Bank, the Euromoney Qatar Conference 2013 will see a major presentation on “Islamic markets and economic growth”, presented by Dr Khaled al-Fakih, secretary general and CEO of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

It will be the first time that a representative of AAOIFI has addressed the Euromoney Conference, and reflects the growing global interest in Shariah-compliant financing and investing.

Qatar has one of the fastest-growing Islamic banking sectors in the world, driven by the demand for local credit to finance government infrastructure and investment projects.

This in turn is having an impact on the assets of Qatar’s Islamic banks, increasing their share of the country’s banking system. The Islamic banks’ market share in domestic credit increased from 13% in 2006, to 25% at the end of 2012, according to the S&P report.

Global interest in the Islamic financing sector was demonstrated in October 2013, when Britain announced that it would become the first non-Muslim country to sell a bond that can be bought by Islamic investors. Prime Minister David Cameron said that the UK Treasury is drawing up plans to issue a £200mn sukuk, a form of debt that complies with Islamic financial law.

The new Shariah-compliant gilt will enable Britain to tap the growing pool of Islamic investments, which is set to exceed $1tn by 2014.

As a meeting point for international financial players and major decision-makers from the region, the Euromoney Qatar Conference will provide an ideal opportunity for both sides to learn more about expectations and predictions for the local, global and international markets.

© Gulf Times 2013

http://www.zawya.com/story/Qatar_Islamic_banks_seen_growing_to_USD100bn_by_2017-ZAWYA20131110035705/

Qatar to emerge as major centre for Islamic finance

DOHA: The size of Qatar’s Shariah-compliant banking is expected to grow to over $100bn (QR365bn) by 2017.

Qatar to emerge as major centre for Islamic finance

Qatar to emerge as major centre for Islamic finance

 

And, given the rising global demand for interest-free financing, Qatar, Saudi Arabia and the UAE, will emerge as the major centres of Islamic finance in the coming years, said a press statement, yesterday, issued by ‘Europmoney Conferences’, a leading organiser of financial events.

The Europmoney also forecast that the growth will be largely driven by high demand for infrastructure and investment financing.

In particular, there is set to be strong demand from the government sector, which is increasingly working to ensure that at least a proportion of large project financing is structured in compliance with Shariah law.

“As the fastest-growing of the three markets, the balance sheet of Qatar’s Islamic banks are expected to be worth more than $100bn by 2017, according to a recent report by global credit rating agency Standard and Poor’s”, said the statement.

The Euromoney Qatar 2013 Conference, to be held here under the patronage of H E Abdullah bin Nasser bin Khalifa Al Thani, the Prime Minister and the Minister of Interior, from December 10 to 11 at The Ritz-Carlton, will provide a major platform for discussion of the direction of the Islamic financial sector, and the models for cooperation and competition that will help sustain it.

Co-hosted by Qatar Central Bank (QCB), the Conference will see a major presentation on “Islamic Markets and Economic Growth”, presented by Dr Khaled Al Fakih, Secretary General and CEO of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a Bahrain-based non-profit organisation.

It will be the first time that a representative of AAOIFI has addressed the Euromoney Conference, and reflects the growing global interest in Shariah-compliant financing and investing.

Qatar has one of the fastest-growing Islamic banking sectors in the world, driven by the demand for local credit to finance government infrastructure and investment projects.

This in turn is having an impact on the assets of Qatar’s Islamic banks, increasing their share of the country’s banking system. The Islamic banks’ market share in domestic credit increased from 13 percent in 2006, to 25 percent at the end of 2012, according to the S&P report.

Global interest in the Islamic financing sector was demonstrated in October 2013, when Britain announced that it would become the first non-Muslim country to sell a bond that can be bought by Islamic investors. Prime Minister David Cameron said that the UK Treasury is drawing up plans to issue a £200m (QR1.17bn) Sukuk, a form of debt that complies with Islamic financial law.

The new Sharia-compliant gilt will enable Britain to become the first non-Muslim country to tap the growing pool of Islamic investments, which is set to exceed $1 trillion by 2014.
The Peninsula

http://thepeninsulaqatar.com/business/260294-qatar-to-emerge-as-major-centre-for-islamic-finance.html